Our policy, when we are informed that there is an error, is to have the content submitter check it and, if appropriate, correct it. Then, there's the matter of acknowledging and apologizing for the error, if it has, in any possible way, impacted someone, some organization or something.

Here's an article that provides excellent guidelines. 

Please note that it is website policy that corrections be clearly stated and apologies made to any affected individuals or groups. Failure to follow this policy could lead to loss of posting privileges on the site.